Volksbank Romania – Banca Transilvania merger, officially approved

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The shareholders of Banca Transilvania (BT) have approved the merger of Volksbank Romania (VBRO), during the General Meeting of Shareholders held in Cluj-Napoca, a press release informs. On this occasion, BT presented to its shareholders the status of the integration program of VBRO into BT: the evolution, achievements to date and following steps.

“(…) We respect the commitments made during the announcement of the acquisition, we continue to have a responsible approach, and we rely on the strengths of BT and VBRO in order to become the best bank for clients,” Horia Ciorcila, Chairman of Banca Transilvania’s Board of Directors, said.

The integration of Volksbank Romania into Banca Transilvania began in April this year and will end on December 31, so far all the steps having met the scheduled time limits. The program is organized on 25 projects in key areas, with mixed teams consisting of employees from BT and VBRO.

The current status of the Volksbank integration project means the completion of the CHF loans novation: more than 83 percent, that is around 14,700 of the eligible clients, having a CHF denominated loan with Volksbank Romania have accepted the conversion offer, thus becoming BT clients; the implementation of the debt rebate solution for current loans of VB retail clients. More than 15,000 VB clients received such a rebate. The total rebate level amounts to RON 290 million

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